ArcelorMittal announces share buyback program
September 28 2020 - 12:55AM
28 September 2020, 07:55 CET
ArcelorMittal today announces a share buyback program (the
‘Program’) under the authorization given by the annual general
meeting of shareholders held on June 13, 2020 (the ‘AGM
Authorization’).
For the background of this program, reference is made to our
press release dated 28 September 2020 relating to the announcement
of a definitive agreement pursuant to which Cleveland-Cliffs Inc
will acquire 100% of the shares of ArcelorMittal USA for a
combination of cash and stock.
The shares acquired under the Program are intended i) to meet
ArcelorMittal’s obligations under debt obligations exchangeable
into equity securities, and/or ii) to reduce its share capital.
ArcelorMittal intends to repurchase, between 28 September 2020
and 31 March 2021, shares for an aggregate maximum amount
of US$500 million in accordance with the AGM Authorization and
applicable market abuse regulations.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel and
mining company, with a presence in 60 countries and primary
steelmaking facilities in 18 countries. In 2019, ArcelorMittal had
revenues of $70.6 billion and crude steel production of 89.8
million metric tonnes, while iron ore production reached 57.1
million metric tonnes.
Our goal is to help build a better world with
smarter steels. Steels made using innovative processes which use
less energy, emit significantly less carbon and reduce costs.
Steels that are cleaner, stronger and reusable. Steels for electric
vehicles and renewable energy infrastructure that will support
societies as they transform through this century.
With steel at our core, our inventive people and
an entrepreneurial culture at heart, we will support the world in
making that change. This is what we believe it takes to be the
steel company of the future.
For more information about ArcelorMittal please
visit: http://corporate.arcelormittal.com/
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ArcelorMittal
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Paul Weigh |
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